The Sustainable Energy Association of Australia believes that the review of Australia’s Renewable Energy Target (RET) by the Federal Government is an opportunity for the renewable energy industry to reiterate the substantial benefits a stable target has delivered, and will continue to deliver to the Australian economy.
The Federal Government has announced the beginning of their review of the RET with an emphasis on evaluating its effectiveness and cost.
SEA Chief Executive Kirsten Rose explains that the fixed renewable energy target has enjoyed bipartisan support for good reason since its inception under the Howard government. The RET represents over $18 billion dollars of investment, and has been a critical factor in creating a new, growing industry that is a competitive advantage for Australia.
The Terms of Reference for the RET review were also released, with Industry Minister Ian Macfarlane saying the review will consider the contribution of the RET in reducing emissions, its impact on electricity prices and energy markets, as well as its costs and benefits for the renewable energy sector, the manufacturing sector, and Australian households.
The Sustainable Energy Association is confident the review will demonstrate that the benefits of the RET far outweigh the costs, which have been estimated to be less than five percent of an electricity bill.
According to Ms Rose, the RET encourages a diversity of energy sources and allows Australians to capitalise on the country’s natural renewable resources while also helping push down the wholesale cost of electricity.